Page 286 - DCOM304_INDIAN_FINANCIAL_SYSTEM

Unit 13: Mutual Funds and Insurance Services

entertainment, brand development, retail real estate development, retail media and Notes
logistics.
Established in Trieste on December 26, 1831, Generali is an international group present in
more than 40 countries with insurance companies and companies mostly operating in the
financial and real estate sectors. Over the years, the Generali Group has reconstructed a
significant presence in Central Eastern Europe and has started to develop business in the
principal markets of the Far East, including China and India.

18. IDBI Fortis Life Insurance Co Ltd.: IDBI Fortis Life Insurance Co Ltd is a joint venture
between three leading financial conglomerates - India's premier development and
commercial bank, IDBI, India's leading private sector bank, Federal Bank and Europe's
premier Bancassurer, Fortis, each of which enjoys a significant status in their respective
business segments. In this venture, IDBI owns 48% equity while Federal Bank and Fortis
own 26% equity each.
IDBI Fortis launched its first set of products across India in March 2008, after receiving the
requisite approvals from the Insurance Regulatory Development Authority (IRDA). Today,
the group offers its services through a vast nationwide network across the branches of
IDBI Bank and Federal Bank in addition to a sizeable network of advisors and partners.
IDBI Bank Ltd. is India's premier industrial development bank. Created in 1956 to support
India's industrial backbone, IDBI Bank has since evolved into a powerhouse of industrial
and retail finance. Today, it is amongst India's foremost commercial banks, with a wide
range of innovative products and services, serving retail and corporate customers in all
corners of the country from over 538 branches and more than 921 ATMs.
Federal Bank is one of India's leading private sector banks, with a dominant presence in
the state of Kerala. It has a strong network of over 600 branches and 600 ATMs spread
across India. The bank provides over four million retail customers with a wide variety of
financial products. Federal Bank is one of the first large Indian banks to have an entirely
automated and interconnected branch network.

Fortis is an international insurance group composed of Insurance Belgium, a leader in life
and non-life insurance in Belgium distributing its insurance products through the network
of Fortis Bank and independent insurance brokers and Insurance International with
subsidiaries in the UK, France, Hong Kong, Luxembourg (Non-life), Germany, Turkey,
Russia and Ukraine, and joint ventures in Luxembourg (Life), Portugal, China, Malaysia,
Thailand and India.
19. Canara HSBC Oriental Bank of Commerce Life Insurance Company Limited: Canara HSBC
Life, is popular for providing its customers simplicity and excellence. The shareholding
pattern of the Joint Venture is as follows - Canara Bank holds 51% equity, HSBC Insurance
(Asia Pacific) Holdings Ltd 26% and Oriental Bank of Commerce 23%. The Venture has an
initial paid up capital of INR 325 crores which will further increase in line. The Company
commenced business 16th of June, 2008 after receiving requisite approvals from the
Insurance Regulatory Development Authority (IRDA).

20. AEGON Religare Life Insurance Company Limited: AEGON, one of the world's largest life
insurance and pension groups, Religare, one of India's leading integrated financial services
groups and Bennett Coleman & Company, India's largest media house, have come together
to launch AEGON Religare Life Insurance Company Limited. The business philosophy is
to help people plan their life better. In an industry first, AEGON Religare Life Insurance
offers policy servicing on the phone via Interactive Voice Response System (IVR) by
issuing the customer a T-Pin for authentication. It is also the first company to include the
customer's medical report in the policy kit.

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